Hurricane and Wind Coverage
If your portfolio contains properties within 100 miles of the coast your probably familiar with the way that some carriers are excluding wind coverage from their policies.
This means the responsible borrower has two policies to cover their property one wind and one fire. GAA has the ability to place a wind-only certificate if the borrower’s policy lapses. GAA also has a Fire-Only product which is a lender placed certificate including all the normal coverages except wind. This is available at a reduced cost due to no wind exposure.
These certificates can be placed by the bank directly online with GAA or the bank can outsource the function to GAA. Every property policy received by GAA from a borrower or company is reviewed for the existence of wind coverage. If wind is excluded then a wind exposure is reported and the system springs into action sending letters and placing coverage where needed.
Coverage is available for the following property types:
- Residential Properties
- Commercial Properties
- Condominium association
- Coverage on commonly excluded risks such as churches, nursing homes and schools.
- Mobile Homes’
- Builder’s Risk
- Repossessed and Foreclosed Properties.
- Any property with a security agreement in place on collateral. *Certain restriction apply
